Major Chinese Exchanges to Postpone the Return of Withdrawals

Today, all of the three major Chinese exchanges – OKCoin, Huobi and BTCC – announced that they will postpone the resuming of bitcoin withdrawals. All three of them have recently been inspected by the Central bank of China (PBoC).

In almost identical announcements the exchanges stated they’ve actively been developing and upgrading their systems over the past month, including statements that they’re trying to “research the relevant details of the policy, and learn from regulatory experience from other countries, and discuss with industry counterparts to explore the development of these new industry standards.”

In all three announcements the exchanges said that “once approved by the regulating departments, we will resume bitcoin withdrawal services.” Huobi also stressed that “they have been making efforts to ensure the healthy development of cryptocurrencies, under the premise of compliance.”

“Bitcoin exchange platforms shall not violate the national AML”

The exchange CHBTC also announced the same content as OKCoin, Huobi and BTCChina towards its customers. Here’s how Huobi’s announcement was worded;

“Dear Users:
According to the regulation departments’ (request) “Bitcoin exchange platforms shall not violate the national AML, foreign currency management and payment settlement laws and regulations”, Huobi has been actively developing and upgrading our system in this month, according to the relevant details of the policy, and learn from regulatory experience from other countries, and discuss with industry counterparts to explore the development of the industry standards. Once approved by the regulate departments, we will resume bitcoin withdraw service. Please pay attention to the official announcement of our website.”

This piece of news follows earlier announcements from exchanges in China regarding new ways of verification and new rules around futures and margin trading.

Meanwhile, a smaller Chinese exchange called Coinnice announced it will resume withdrawals shortly, apparently trying to gain more business while the “big three” bleed.

The “Lianghui” takes place in China March 9-16 and is one of the most important political events in China. It is well known that the Chinese government prefer to ensure utmost “social stability” during this event. Therefore, it is unlikely bitcoin withdrawals will return anytime before the end of those meetings.

What do you think about the recent developments taking place in China? Let us know in the comments below.

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